Speymill, which manages AIM-listed vehicles in both Germany and Macau, resumed trading with the release of its results for the year to 31 December 2008. The firm reported a trading loss before tax, share-based payments and “exceptional items” of £4.8 million (€5.33 million; $7.03 million), which it blamed largely on poor performance from its construction arm.
Speymill contracts, it said, had suffered greatly from clients and subcontractors going into administration. Speymill said it would continue operating its contracts business, but that the emphasis for 2009 would be on the completion of current projects, maintenance and “improvement of margins, risk management and cost reduction”.
Speymill asked the stock exchange to suspend its shares in January after warning investors that its results for the year would reflect a significant loss.
Meanwhile, rival AIM-listed fund, the Macau Property Opportunities Fund, said its property portfolio value fell by 21 percent in its interim results for the period up to 31 December 2008.
The fund, managed by Hong Kong-based Sniper Capital, attributed the loss to a difficult operating environment. The fund also reported that it had secured its first loan facility of $83 million from a consortium of international and Macanese banks led by HSBC. The credit will be used to meet payments due for its flagship residential schemes on the former Portuguese colony turned gaming zone.